The Five Tasks Of Strategic Management

Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually

"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are

A strategic vision thus points an organization in a particular direction, charts a strategic path for it to follow in preparing for the future, and molds organizational identity. A clearly articulated strategic vision communicates management’s aspirations to stakeholders and helps steer the energies of company personnel in a common direction. For instance, Henry Ford’s vision of a car in every garage had power because it captured the imagination of others, aided internal efforts to mobilize the Ford Motor Company’s resources, and served as a reference point for gauging the merits of the company’s strategic actions.

There are 10 basic tasks for “The action agenda for executing a strategy”. These 10 tasks are: Build the organizational capabilities required for successful strategy execution, establish a strategy supportive of organizational structure, and allocate sufficient resources to the strategy execution effort, Institute policies and procedures that facilitate strategy execution, adopt best practices and business processes that drive continuous improvement, install information and operating systems that support strategy execution activities, tie rewards and incentives directly to the achievement of strategic and financial targets, instill a corporate culture that promotes good strategy execution, exercise strong leadership to propel strategy execution forward, and staff the organization with the right people for executing this strategy. If managers execute these 10 tasks well, the company has a higher success rate.

Strategic management is the process where leaders establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all external and internal changes, and undertake effective strategies to manage these changes and execute action plans.

Execution of a strategy allows an organization to identify a strategic manager or management team who will be responsible for five key components: people, resources, structure, systems and culture. The role of the strategic manager or management team is to implement and monitor performance and report to company stakeholders on the status. Because strategy drives an organization’s success, the team should select managers who can aggressively drive the objectives to achieve desired results through three actions:

The purpose of my assignment has been done in terms of strategic analysis, its formulation and implementation of Ryanair organization. The assignment is developed by three parts which includes variety of questions in the each part.

This report demonstrates the evaluation of current performance of JD Sports Company. Method of Analysis includes Ansoff’s matrix and Porter’s generic growth strategies to discuss the nature of the market which JD Sports invest in. The financial methods are including the flexibility and stability of JD sports which judged by the liquidity, current ratio, operation capital, gearing and profit margin of this company. These figures could be collected from the annual report or balance sheet. This report analyzed the JD sport’s position in the market, and used generic and external growth method to expand market size. Such as acquired a lot stores to improve business profitability. Obviously, JD has expanded to the European

Managing a strategic plan is about setting the underpinning aims of an organization, choosing the most appropriate goals and fulfilling them overtime (Masood et al., 1995). Furthermore, managing a strategic plan can be defined as the art of formulating, implementing and evaluating cross-functional decisions that helps as organization to achieve their objectives (Analoui & Karami, 2003, p. 5).

Pearce and Robinson describe strategic management as the art of making complex, long-term, future-oriented decisions and taking actions that result in the formulation and implementation of plans designed to achieve a company's objectives. The process focuses on the belief that a firm's mission can be best be achieved through a systematic and comprehensive assessment of both its internal capabilities and its external environment (Pearce & Robinson, 2005). In the article Strategic Management, the strategic management process is described as the implementation of the company's strategy by executive management considering its resources, circumstances, and environment to position the organization to complete is mission in a

Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.

What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness

The strategic management is actually defined as the process in which an organization actually formats and also implements the plans which espouse the objectives and goals of that organization (Diana Wicks, 2011). The process of the strategic management is continuous and it changes with the evolution of the organizational goals and objectives.

Globalization changes have impacted Burger King in the following ways; since the company began in 1953 with its first restaurant in Jacksonville, Florida and opened several locations across the United States, the company began its international expansion in 1969 with its first international franchise location in Canada, followed by Australia in 1971, and Europe in 1975. The setting up of franchises outside the United States was as a result of fast food opportunities arising outside the United States. So as to fully integrate in the international market, Burger King had to adopt and embrace

Future- oriented: Strategic management encompasses forecasts, what is anticipated by the managers. In such decisions, emphasis is placed on the development of projections that will enable the firm to select the most promising strategic options. In the turbulent environment, a firm will succeed only if it takes a proactive stance towards change.